The Consumer Financial Protection Agency (CFPB) does not provide guidance to the financial institutions it regulates. Instead it has evolved into a regime of "regulation by enforcement." At least that is the conclusion of a white paper written for the Mortgage Bankers Association by its counsel at the law firm of Covington & Burling, LLP. The paper, titled CFPB 2.0: Advancing Consumer Protection, looks at the performance of the agency during its first five years and takes a particularly jaundiced view of Director Richard Cordray's promises for the agency versus its perceived performance. "The CFPB has done well where it's developed rules that focus on the worst excesses of the pre-crisis market," said David H. Stevens, President and CEO of MBA. "However, the Bureau has too-often opted for

September 15, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Sep 15, 2017 Mortgage Rates at 3-Week Highs Thu, Sep 14, 2017 2:51PM Mortgage rates moved higher today, despite resilience in underlying bond markets. If you were to ask bonds, they'd vote for rates remaining flat--well, sort of. There is a timing issue that I brought to your attention yesterday where mortgage lenders had yet to adjust for yesterday afternoon's bond market weakness (weaker bonds = higher rates) and were thus more likely to start today with higher rates, all other things being equal. That's exactly what happened. And while it does mean that rates are higher than they were yesterday, we're actually seeing some supportive cues in bond market for t... (read more) Mortgage Rates Stabilize Ahead of Next Week's Big Fed Announcement Fri, Sep 15, 2017 4:41PM Mortgage rates were steady to slightly lower on average today, confirming the end of a somewhat abrupt correction from last week's 2017 lows. In other words, rates rose quickly during the first days of the week and spent the last 3 days leveling off. To put "abrupt" in context and reiterate yesterday's thoughts, the worst case scenario would be an eighth of a percentage point higher in rate from last week. That's $14/month on a $200k loan. We've certainly seen worse weeks day, but only 2 of them were in 2017. The flat momentum at the end of this week isn't too likely to stick around next week.... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.45 -0.14   95.05 100.47 UMBS 30YR 5.5 101.00 -0.03   97.47 101.61 10 YR Treasury 4.112 +0.031   3.706 4.780 MBS Live Day Ahead: What's All This Then?! Fri, Sep 15, 2017 9:13AM Granted, the headline of today's commentary will be lost on those who aren't reasonably well-versed in Monty Python, but it was worth the risk to entertain the other 3 of you.  The  important part is that the phrase can be traced back... (read more) MBS Live Recap: Bonds Close GREEN After 3 Rough Days Thu, Sep 14, 2017 5:10PM We've been steadfast in characterizing this week's sell-off as a "correction" to the strong rally that preceded it.  One might have argued that the risk-aversion trade at the end of last week was the last straw , pushing yields all the way down to 2.016% and setting us up for an even more abrupt correction once the risk events had passed.   Toda... (read more) MBS Price Change UMBS 4.5 97.38 -0.24 UMBS 5.0 99.43 -0.16 UMBS 5.5 100.97 -0.06 GNMA 4.5 97.62 -0.40 GNMA 5.0 99.75 -0.08 GNMA 5.5 100.88 0.00 Pricing as of: 9/18 10:24AM EST US Treasury Yield Change 2 YR Treasury 3.576 +0.012 5 YR Treasury 3.676 +0.020 7 YR Treasury 3.868 +0.029 10 YR Treasury 4.116 +0.035 30 YR Treasury 4.726 +0.038 Pricing as of: 9/18 10:24AM EST Other News CFPB - "Regulation by Enforcement," or Business as Usual? Fri, Sep 15, 2017 11:11AM The Consumer Financial Protection Agency (CFPB) does not provide guidance to the financial institutions it regulates. Instead it has evolved into a regime of "regulation by enforcement." At least that is the conclusion of a white paper written for the Mortgage Bankers Association by its counsel at the law firm of Covington & Burling, LLP. The paper, titl... (read more) Wealth of Training and Webinar Events; Austria's 100-year Bond Fri, Sep 15, 2017 9:25AM Florida is sometimes called, “God’s waiting room.” The area, tragically, has seen its share of destruction & death this month, but the airports are back up and running. “In the old days,” one would go to the airport to fly. And only to fly. Nowadays, there’s fine dining, rocking chairs, dog walking areas, art, shops, a... (read more) Latest Video Amazon is skewing the whole country's retail sales data and likely behind l... Will the Fed raise rates? Former NSA senior counsel: Need to focus on bad consequences of a breach li... Around the Web consumerfinancemonitor.com Unusual procedural development in CFPB/NY AG lawsuit against RD Legal Funding CNBC Kudlow: Chances for significant tax cuts have 'risen sharply' Reuters Morgan Stanley to handle mortgage originations in home-loan push: sources Bloomberg UK Yields Jump as Investors See Two BOE Rate Increases Reuters Cash demand doubled for Fed in hurricane-hit Florida CNBC These charts show recession odds may be higher than you think NAR - Realtor.com Why the Equifax Breach Might Make It Harder to Buy a Homeand What You Can Do CNBC Economists slash GDP estimates after weak sales hit even before storms Bloomberg Concern About Hurricane Fallout Dents US Consumer Sentiment CNBC Employers stepped up hiring in 6 US states last month Reuters Rising credit card delinquencies to add to U.S. banks' worries CNBC Next week's Fed meeting will be all about the 'dots' Calculated Risk Blog Q3 GDP Forecasts: Moving Down

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